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Tenenge UK Limited

Registered number: 02594490
Annual Report
For the year ended 31 December 2022

 
TENENGE UK LIMITED
 
 
COMPANY INFORMATION


Directors
Lucas Cive Barbosa 
Mauricio Cruz Lopes 
Gustavo Dias Bergamasco 




Registered number
02594490



Registered office
The St Botolph Building
138 Houndsditch

London

EC3A 7AR




Independent auditor
BDO LLP
Chartered Accountants and Statutory Auditors

55 Baker Street

London

W1U 7EU





 
TENENGE UK LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 3
Independent auditor's report
 
4 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 18

 
TENENGE UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the audited financial statements for the year ended 31 December 2022.

Principal activity

The principal activity of Tenenge UK Limited continued to be that of winding down the residual activity of its original business. Previously Tenenge UK Limited was an investment holding company for Odebrecht Oil and Gas Services Limited.

Directors

The directors who served during the year and to the date of this report were:

Jayme Gomes Da Fonseca Junior (resigned 6 June 2022)
Marco Aurelio Benito Juarez Gimenes Siqueira (resigned 31 March 2022)
Lucas Cive Barbosa (appointed 6 June 2022)
Mauricio Cruz Lopes (appointed 1 April 2022)
Gustavo Dias Bergamasco (appointed 1 December 2023)
 
Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 1 -

 
TENENGE UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Going concern

Under a new company strategy effective first quarter of 2023, the Company will focus on providing a funding structure to its clients, alongside the existing Engineering, Procurement, Construction and Finance (“EPC+F”) services. The Company, with its long track record of trading in the UK, could play an important role in aiding its clients to obtain a specific type of funding that has support from the British Government and is led by UK Export Finance (“UKEF”).
Under this new strategy, the Company has re-opened the payroll, has one new employee and is now ready to play an active part in the existing pipeline of projects OEC group has either already signed or is on the verge to do so. The Company can play the role of a British Exporter, procuring goods, services and equipment directly to its clients or to another sister entity that is deploying the projects. With the Company’s operational and the ability to reach out to the major Export Credit Agencies (ECAs) and international commercial banks present in the UK and central Europe, the availability of export credit to its clients can be maximised and therefore increase the chances of a successful commercial offer to one of the projects listed in the pipeline. The Company can play this role in the global market, therefore, a true added value within the group.
Currently, the Company is reliant on the ultimate parent company OEC S.A, which will continue to support both entities and its budget for FY2024 has already been considered in the group' s global planning, expenditures, which include the employment of a high-level senior executive to link OEC with said banks and ECAs.
Additionally, the Company has received a letter of support from its ultimate parent indicating for a period of at least 12 months from the date of approval of these financial statements, it will provide the financial support that the Company requires for its continued operations, and no such amounts owed by the Company to the immediate and intermediate parent will be called for repayment unless the Company is in a position to make payments without adversely affecting its ability to continue to trade and settle any future obligations. 
Having taken the above into consideration, the directors believe that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the signing of these financial statements and continue to adopt the going concern basis of accounting in preparing these annual financial statements.

Economic impact of global events
UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
 
- 2 -

 
TENENGE UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Provision of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, BDO LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





Lucas Cive Barbosa
Director
Mauricio Cruz Lopes
Director


Date: 18 March 2024
Date: 18 March 2024
- 3 -

 
TENENGE UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE UK LIMITED
 

Opinion on the financial statements
 
In our opinion the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2022 and of its profit for the year then ended;
 
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
 
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements of Tenenge UK Limited (the ‘Company') for the year ended 31 December 2022  which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 

Conclusion relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
 
- 4 -

 
TENENGE UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE UK LIMITED
 


Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
 
the Directors' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
 
the financial statements are not in agreement with the accounting records and returns; or
 
certain disclosures of Directors' remuneration specified by law are not made; or
 
we have not received all the information and explanations we require for our audit; or
 
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- 5 -

 
TENENGE UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE UK LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
 Our understanding of the Company and the industry in which it operates;
 Discussion with management and those charged with governance; and
 Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws    and regulations
we considered the significant laws and regulations to be UK company law including the applicable accounting framework, and UK tax legislation.
Our procedures in respect of the above included:
 Review of minutes of meeting of those charged with governance for any instances of non-compliance with  laws and regulations;
 Review of correspondence with tax authorities for any instances of non-compliance with laws and     regulations; and
 Review of financial statement disclosures and agreeing to supporting documentation.
 
- 6 -

 
TENENGE UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE UK LIMITED
 


Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
 Enquiry with management and those charged with governance regarding any known or suspected    instances of fraud;
 Obtaining an understanding of the Company’s policies and procedures relating to:
 o        Detecting and responding to the risks of fraud; and 
 o Internal controls established to mitigate risks related to fraud. 
 Review of minutes of meeting of those charged with governance for any known or suspected instances of   fraud;
 Discussion amongst the engagement team as to how and where fraud might occur in the financial    statements; and
 Performing analytical procedures to identify any unusual or unexpected relationships that may indicate    risks of material misstatement due to fraud.
Based on our risk assessment, we considered the area most susceptible to fraud to be management override of controls.
Our procedures in respect of the above included:
 Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to    supporting documentation; and
 Assessing significant estimates made by management for bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.  

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 
- 7 -

 
TENENGE UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE UK LIMITED
 

Use of our report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.




Alexander Tapp (Senior statutory auditor)  
for and on behalf of BDO LLP, Statutory Auditor
London
 
19 March 2024
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
- 8 -

 
TENENGE UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£000
£000

  

Administrative expenses
  
6,002
235

Operating profit
 3 
6,002
235

Tax on profit
  
(95)
-

Profit for the financial year
  
5,907
235

Other comprehensive income
  
-
-

Total comprehensive income for the year
  
5,907
235

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 18 form part of these financial statements.
- 9 -

 
TENENGE UK LIMITED
REGISTERED NUMBER: 02594490

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2022
2021
2021
Note
£000
£000
£000
£000

  

Current assets
  

Debtors: amounts falling due within one year
 5 
64,078
57,418

Cash at bank and in hand
 6 
79
73

  
64,157
57,491

Creditors: amounts falling due within one year
 7 
(9,604)
(8,845)

Net current assets
  
 
 
54,553
 
 
48,646

Total assets less current liabilities
  
54,553
48,646

  

Net assets
  
54,553
48,646


Capital and reserves
  

Called up share capital 
 8 
95,399
95,399

Profit and loss account
 9 
(40,846)
(46,753)

Total equity
  
54,553
48,646


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Lucas Cive Barbosa
Mauricio Cruz Lopes
Director
Director


Date: 18 March 2024
Date:18 March 2024

The notes on pages 12 to 18 form part of these financial statements.
- 10 -

 
TENENGE UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2021
95,399
(46,988)
48,411


Comprehensive income for the year

Profit for the year
-
235
235


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
235
235



At 1 January 2022
95,399
(46,753)
48,646


Comprehensive income for the year

Profit for the year
-
5,907
5,907


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
5,907
5,907


At 31 December 2022
95,399
(40,846)
54,553


The notes on pages 12 to 18 form part of these financial statements.
- 11 -

 
TENENGE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies

  
1.1

General Information

Tenenge UK Limited is a private Company limited by shares incorporated in England and Wales. The  Company registration number is 02594490. The address of its registered office is The St Botolph Building, 138 Houndsditch, London, EC3A 7AR. 
The principal activity of Tenenge UK Limited continued to be that of winding down the residual activity of its original business. Previously Tenenge UK Limited was an investment holding Company for Odebrecht Oil and Gas Services Limited.

 
1.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest thousand pound. 

The following principal accounting policies have been applied:

- 12 -

 
TENENGE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

 
1.3

Going concern

Under a new company strategy effective first quarter of 2023, the Company will focus on providing a funding structure to its clients, alongside the existing Engineering, Procurement, Construction and Finance (“EPC+F”) services. The Company, with its long track record of trading in the UK, could play an important role in aiding its clients to obtain a specific type of funding that has support from the British Government and is led by UK Export Finance (“UKEF”).
Under this new strategy, the Company has re-opened the payroll, has one new employee and is now ready to play an active part in the existing pipeline of projects OEC group has either already signed or is on the verge to do so. The Company can play the role of a British Exporter, procuring goods, services and equipment directly to its clients or to another sister entity that is deploying the projects. With the Company’s operational and the ability to reach out to the major Export Credit Agencies (ECAs) and international commercial banks present in the UK and central Europe, the availability of export credit to its clients can be maximised and therefore increase the chances of a successful commercial offer to one of the projects listed in the pipeline. The Company can play this role in the global market, therefore, a true added value within the group.
Currently, the Company is reliant on the ultimate parent company OEC S.A, which will continue to support both entities and its budget for FY2024 has already been considered in the group' s global planning, expenditures, which include the employment of a high-level senior executive to link OEC with said banks and ECAs.
Additionally, the Company has received a letter of support from its ultimate parent indicating for a period of at least 12 months from the date of approval of these financial statements, it will provide the financial support that the Company requires for its continued operations, and no such amounts owed by the Company to the immediate and intermediate parent will be called for repayment unless the Company is in a position to make payments without adversely affecting its ability to continue to trade and settle any future obligations. 
Having taken the above into consideration, the directors believe that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the signing of these financial statements and continue to adopt the going concern basis of accounting in preparing these annual financial statements.

 
1.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
- 13 -

 
TENENGE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

 
1.6

Financial instruments

The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised at transaction price.
(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, are recognised at transaction price.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

 
1.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive income.

- 14 -

 
TENENGE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

  
1.9
Taxation

Corporation tax payable is provided on taxable profits at the current rate.
The taxation liabilities of certain Group undertakings are reduced wholly or in part by the surrender of losses by fellow Group companies. The tax benefits arising from Group relief are recognised in the financial statements of the surrendering and recipient companies.
Deferred taxation arises as a liability or asset if transactions have occurred at the balance sheet date that give rise to an obligation to pay more taxation in the future, or a right to pay less taxation in the future. The deferred tax liability that is the result of timing differences is recognised in full. Deferred tax assets are only recognised to the extent that, on the basis of all available evidence, they are recoverable. Deferred tax assets and liabilities recognised are not discounted.

 
1.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

Recoverability of debtors
The company establishes a provision for debts that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the debts, past experience of recoverability, and the credit profile of individual or groups of customers.


3.


Operating profit

The operating profit is stated after charging/(crediting):

2022
2021
£000
£000

Lease rentals expensed
5
5

Exchange differences
(6,047)
(532)

Fees payable to the Company's auditor and its associates for the audit of the company's annual accounts
19
14


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2021: nil).

- 15 -

 
TENENGE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£000
£000


Amounts owed by group undertakings
64,078
57,418

64,078
57,418


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of payment and are payable on demand.


6.


Cash and cash equivalents

2022
2021
£000
£000

Cash at bank and in hand
79
73

79
73



7.


Creditors: Amounts falling due within one year

2022
2021
£000
£000

Trade creditors
5
4

Amounts owed to group undertakings
9,481
8,820

Corporation tax
95
-

Accruals and deferred income
23
21

9,604
8,845


Amounts due to group undertakings are unsecured, interest free and repayable on demand.

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TENENGE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Share capital

2022
2021
£000
£000
Authorised



150,000,000 (2021:150,000,000) ordinary shares of £1 each
150,000
150,000

Allotted, called up and fully paid



95,399,369 (2021: 95,399,369) ordinary shares of £1 each
95,399
95,399

The company has one class of ordinary shares; each share carries one voting right per share but no right
to fixed income. 



9.


Reserves

Profit & loss account

This reserve represents cumulative profits and losses.


10.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£000
£000


Not later than 1 year
5
5

Later than 1 year and not later than 5 years
-
5

5
10


11.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

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TENENGE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Controlling party

The immediate parent undertaking is Tenenge Limited.
In the opinion of the directors the ultimate parent company and Controlling party is Odebrecht Engenharia e Construção S.A ., a Company incorporated in Brazil.
Odebrecht Engenharia e Construção S.A. is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2022. The consolidated financial statements of Odebrecht Engenharia e Construção S.A.  are available from Odebrecht Engenharia e Construção S.A., Avenida das Nações Unidas, 14.401 – 4º floor, Parque Cidade, Torre Aroeira, São Paulo, SP – CEP 04794-000.

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